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Government reveals full details of banking inquiry

The inquiry was triggered by last week's scandal involving Barclays Photo:

So now we know what the Government's Inquiry into banks is going to look like.

It will have two parts.

Firstly there will be a joint Parliamentary Committee with members from the Lords and Commons to look into the culture, standards and practices of the banks including looking at criminal and other sanctions. It will be chaired by Andrew Tyrie MP and will have the power to call people under oath. It will report by the end of the year.

There will also be an inquiry into the setting of Libor. This will be led by Martin Wheatley of the Financial Services Authority and will look at whether criminal sanctions are needed for this and in other similar markets. It will report by September.

Ministers have also spoken to the Serious Fraud Office to urge them to pursue all possible avenues when it comes to criminal charges against those involved in this scandal.

The Government hopes all this shows it is taking this banking scandal extremely seriously and want changes and those involved punished.